In the final chapter of a saga worthy of a spy novel, the U.S. and Russia agreed to one of the biggest prisoner swaps between the countries since the Cold War.

The deal—to exchange 10 Russian spies who were arrested in the U.S. June 27 for four prisoners being held in Russia—came after high-level negotiations led by Central Intelligence Agency Director Leon Panetta and his counterpart in Moscow, according to people familiar with the matter.

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